Items Tagged with 'reverse mortgage lending'

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  • Ocwen's reverse mortgage business has stellar Q1

    Liberty Home Equity Solutions reaps profits despite down HECM market
    Ocwen Financial's business didn't fare so well in the first quarter of the year, but it seems its reverse mortgage business is doing just fine. Liberty Home Equity Solutions, the reverse mortgage division of Ocwen based in Rancho Cordova, California, boosted its parent company’s profits with a $24 million gain of pre-tax income in Q1 2019 – no small feat considering the HECM market's staggeringly low volume as of late.
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  • Live Well Financial laying off 103 employees; blames closure on market, regulatory issues

    Virginia headquarters shuttered
    Virginia-based Live Well Financial announced Friday that it was ceasing originations "due to unexpected circumstances." The forward and reverse mortgage lender and servicer also filed a notice with the Virginia Employment Commission informing the state of its closing and subsequent layoff of 103 employees in Richmond, Virginia, and stating that conditions outside the company’s control led to the sudden closing of all its operations in their entirety.
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  • Two Florida reverse mortgage companies adjust to changing market with merger

    Access Reverse Mortgage and Reverse Mortgage Advisors join forces
    Two Florida-based reverse mortgage firms have merged in a move they say will better serve customers in a changing market environment. Access Reverse Mortgage announced that it has merged with Reverse Mortgage Advisors, bringing together two HECM veterans to help seniors near Tampa Bay and Clearwater.
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  • American Advisors Group ups reverse mortgage support for brokers

    Invests in resources to grow its wholesale channel
    American Advisors Group announced the launch Monday of an expanded set of resources designed to help its wholesale partners elevate their reverse mortgage business. AAG is ranked No. 1 in reverse mortgage lending overall, but it's No. 4 in wholesale. Now, with an enhanced set of tools for brokers, it just may climb the ranks.
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  • Government shutdown halts reverse mortgage endorsements

    FHA's limited operations to impact HECM lending
    With the government shutdown approaching the two-week mark, reverse mortgage endorsements have ground to a halt. The FHA released a notice stating it will not be making insurance endorsements for HECM loans during the shutdown, and lenders with issues regarding the second-appraisal protocol will be out of luck.
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  • HECM margins remain stable at 1.98%

    Reverse mortgage lenders find balance after a tough year
    Margins on adjustable-rate reverse mortgage loans averaged 1.98% in October, according to HECM analytics provider Baseline Reverse. "We continue to see stabilization around the 2% margin as the market appears to have found its competitive footing," said Baseline President Dan Ribler.
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  • Reverse mortgage industry reacts to FHA’s hint at future policy changes

    Last week’s actuarial report suggests more change is on the horizon
    Last week, FHA’s 2018 Report to Congress revealed the HECM portfolio’s continued drain on the MMI Fund. While the agency said it was optimistic past policy changes would improve the program, it also suggested more change is coming for HECMs. While this wasn’t exactly welcome news for an industry that can’t seem to catch its breath, reverse execs offered a measured response to FHA’s report.
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  • Reverse Mortgage Funding: More financial advisors are recommending HECMs

    Lender ramps up education to help partners connect with advisors
    The reverse mortgage industry has been working for years to connect with financial advisors to teach them about the valuable role home equity can play in retirement income planning. Now, leading HECM lender Reverse Mortgage Funding says the effort is finally paying off. RMF says it has seen a significant uptick in interest from advisors and its investing sizable resources into helping its originators build this channel of business.
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  • Reverse mortgage market closes out October with positive gains

    But analyst warns recovery will be slow and uneven
    Reverse mortgage volume inched upward last month, continuing its uneven road to recovery after a rough year. According the latest HECM Lenders report from Reverse Market Insight, endorsement volume rose 7.3% in October to 3,091 loans. "We are expecting a very slow and lumpy growth for the foreseeable future in HECM volumes," said RMI President John Lunde.
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  • Proprietary reverse mortgages essential to helping more homeowners access equity

    Expert panel predicts more products will emerge to fill HECM's void
    Proprietary reverse mortgages are key to helping American homeowners unlock the wealth in their homes, and we'll likely see more of them come to market, said panelists at NRMLA's annual meeting on Monday. "Ultimately, what we're trying to do is create solutions for borrowers and give them flexibility and choice," said Jonathan Scarpati, vice president of wholesale at Finance of America Reverse.
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